5 Missed Chances That Cost Money

In recent years, the proliferation of smart phones, tablets and Web-enabled mobile devices has spurred nearly every financial institution to scramble and put together a mobile banking option for their consumers. But it's not just the growth of these technologies that is driving demand, it's the users themselves.

I’ve compiled a list of the top five missed opportunities that are costing financial institutions growth and profit.

1. A mobile strategy is not just an app

A good mobile strategy includes all the services consumers want and need not just transactional banking. The strategy needs to consider how the app can be used to boost revenue, provide best-in-class customer service, as well as attract new consumers while maintaining and engaging existing users.

2. Not valuing the user experience

Users find it frustrating to continually enter login information for every mobile application an institution offers. A positive user experience will quickly drive product adoption and usage, saving the institution tremendous amounts of time and money. For example, a typical institution should experience an average savings of $4.15 in processing costs for every check that is deposited through their mobile platform versus a brick and mortar branch. The app must also be fully customized and branded to align with strategic marketing guidelines.

3. One app creates a unified presence

Multiple apps lower adoption and confuse consumers. The results are poor ROI and consumer adoption. Give your consumers access to all product and service offerings in one downloadable app.

4. Make the data work for you

Tracking app downloads just isn't enough these days. Your organization is missing out on valuable intelligence about how your consumers are interacting with your app. Take advantage of analytic tools tied to your platform to learn about user preferences, engagement stats and true ROI data.

5. Not monetizing the mobile presence

Beyond simple banking transactions, the mobile app needs to provide opportunities to engage and serve the consumer. The mobile app should promote products and enhance revenue opportunities through a great user experience, while also maximizing channel efficiency and lowering operating expenses for the institution.

Amber Robinson is director of marketing at SilverCloud Inc. She can be reached at 603-766-4651 or arobinson@silvercloudinc.com.